Eastern NY Angels invests in Free Form Fibers

Eastern NY Angels, an early stage seed investment fund, said it made an investment in Free Form Fibers, a Saratoga Springs company that has developed a process to make ceramic fibers that is less costly and has reduced environmental impact compared to current methods.

The size of the investment wasn’t disclosed, but ENYA typically makes investments ranging from $50,000 to $250,000.

The company has previously received contract support from the National Science Foundation, NASA, the U.S. Army, the Defense Advanced Research Projects Agency, and New York State Energy Research and Development Authority, and by Small Business Innovation Research program grants.

“The Fund invested in Free Form Fibers for two specific reasons,” said ENYA cofounder Joe Richardson. “First, the company is led by an experienced serial entrepreneur and second, the technology is already attracting the attention of the players in this industry.

“It is going to require competitors to make fundamental changes in order to remain relevant,” he added.